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Sovereign Wealth Funds Briefing 15.Nov 2016

Posted on 15 November 2016 by VRS |  Email |Print

Deputy general manager Qi Bin says it will be focusing on targets closely tied to Chinese economic development. China Investment Corporation (CIC), the sovereign wealth fund, is stepping up its overseas investment, focusing on targets closely tied to the country’s economic development.
Qi Bin, CIC’s deputy general manager, revealed the move, while speaking at the private equity firm Hony Capital’s annual general meeting in Shenzhen on Monday. “This will be the future trend for CIC. Any investment must be closely tied to Chinese industry and serve in its economic transition ,” he said…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Korea’s unique style and fashion sense may not be everyone’s cup of tea, but Singapore’s sovereign wealth fund appears to like what it sees in the country’s retail scene. GIC invested $136 million to acquire an interest in G-Square City Retail Complex located in the suburbs of Seoul.
The 28-storey complex also has an office tower and boasts 238,248 square metres of space. Located in Anyang, the mall is roughly a 40-minute train ride from the Seoul city center, and is connected to a metro station…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Temasek Holdings Pte pared its holding in China’s biggest online retailer, Alibaba Group Holding Ltd., in the third quarter as the shares rallied, while buying stock in Internet travel agency Ctrip.com International Ltd., biopharmaceutical company AC Immune SA and Dell Technologies Inc.
The Singapore state-owned firm sold 14.5 million American depositary receipts, leaving it with 39.6 million at the end of September, worth $4.2 billion, according to a filing with the U.S. Securities and Exchange Commission on Monday. Temasek had added 6.5 million ADRs in the company in the June quarter, according to an earlier filing…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

An investigation by US authorities into the alleged theft of billions of dollars from Malaysia’s sovereign wealth fund 1MDB was in part fuelled by Attorney-General Loretta Lynch’s desire to divert attention from Hillary Clinton’s email scandal, according to materials distributed in private lectures given by the company’s chief executive Arul Kanda in Australia last week.
The glossy 20-page booklet claims the US Department of Justice investigation, which has so far resulted in the freezing of more than $US1 billion ($1.34bn) in ­assets allegedly removed from 1MDB, is “questionable, strange and bizarre” and threatens the stability of Malaysia…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

According to news reports, Malaysia is refusing to provide details to the Swiss authorities because apparently, the attorney-general’s office claims that there is an on-going police investigation by Malaysian police on the 1MDB. And this isn’t the first time they have refused to assist.
The 1MDB scandal has been reported in the news for a few years now and almost anyone with a slight interest in current affairs will now the basic premise of the story…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

A prominent Malaysian opposition politician who has a reputation as a whistleblower has been sentenced to 18 months’ jail for releasing a classified document on a controversial state investment fund.
Rafizi Ramli, vice-president of the People’s Justice Party, was found guilty by the court of violating the Official Secrets Act by possessing and disclosing part of a government audit report on the indebted 1MDB fund, founded by Prime Minister Najib Razak. Rafizi, who often makes allegations on alleged government wrongdoing, said he would appeal…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

The Hong Kong Monetary Authority (HKMA), in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), has released a new white paper on distributed ledger technology (DLT), commonly known as blockchain.
According to the white paper, a DLT system has the potential to bring new opportunities and efficiencies to the banking and payment industries, which includes the capability of establishing trust in a distributed system, efficiency in broadcasting information in a speedy and secure way, the ability to achieve complete traceability of records and transactions, the possibility of lowering operation costs, and the potential for high resiliency…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Saudi Arabia’s main sovereign wealth fund, Public Investment Fund (PIF), is considering buying a stake in Riyadh-based ACWA Power, which operates power and water plants around the world, sources familiar with the matter told Reuters.
PIF, which already owns a 13.7 percent stake in ACWA indirectly through a subsidiary, invited investment banks last month to pitch for the role of advising it on a potential ACWA deal, according to four sources, declining to be named due to the sensitivity of the matter. Talks are still at a preliminary stage, and neither party has appointed an advisor, said two of the sources, who are based in the Gulf…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Mohamed Alabbar and Saudi Arabia’s government have teamed up to launch a US$1 billion e-commerce venture that will tap into the region’s rapidly changing retail landscape.
The chairman of Emaar Properties revealed plans for the site called noon.com today. The Public Investment Fund (PIF), chaired by Saudi’s deputy crown prince Mohammed bin Salman, will invest US$500 million in a 50 per cent share of the venture, while the other $500m commitment has been provided by Mr Alabbar and a group “of about 60 private individuals”…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Mohamed Alabbar’s dream of creating a Middle East rival to Amazon may turn out to be a mirage. The Dubai real estate mogul has teamed up with Saudi Arabia’s sovereign wealth fund to lead a $1 billion investment in a new online retailer called Noon.com. There are merits to backing e-commerce in a region where most shopping still takes place in giant malls.
To justify its unicorn status, however, the venture will have to achieve scale by expanding further afield - a feat few of the region’s start-ups have achieved. Securing the backing of Saudi Arabia’s Public Investment Fund (PIF) should at least make larger global rivals take Noon.com seriously……………………………………Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Abu Dhabi state investmentvehicle Mubadala Development Co may invest in avegetable oil producer and a rice producer in Russia, a Russianstate-backed fund said, in a rare Gulf investment into thecountry’s commodities sector.
Russia’s agriculture and food production sector has beengrowing due to Moscow’s decision to ban most Western foodimports in 2014 in retaliation for sanctions over Ukraine, whichare keeping many Western investors away from Russian assets…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

As per reports, Bahrain’s sovereign wealth fund and businessman Mansour Ojjeh, who hold 75 percent of shares, want to oust Ron Dennis. McLaren chief executive Ron Dennis is fighting a move by other shareholders to force him out, Formula One supremo Bernie Ecclestone said.
Sky News reported on Friday that Bahrain’s sovereign wealth fund Mumtalakat and Saudi-born businessman Mansour Ojjeh, who between them hold 75 percent of the shares, wanted to oust Dennis. The report said an unidentified consortium of Chinese investors had made a 1.65 billion pounds ($2.08 billion) takeover bid for McLaren Technology Group that Dennis supported but the other shareholders opposed…………………………………….Full Article: Source

Posted on 15 November 2016 by VRS |  Email |Print

Canada’s Liberal government is speaking to sovereign wealth funds and global private equity firms as well as domestic pension funds as it ramps up efforts to attract funding for its new infrastructure bank, according to two sources.
The overseas investors that the officials developing the infrastructure bank are speaking to include the Government Pension Fund of Norway, one of the world’s largest sovereign wealth funds, said the sources, who declined to speak on the record because of the sensitivity of the talks…………………………………….Full Article: Source

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