"Within equities which sectors are most vulnerable? We aggregate publically available holdings data to see how overweight these SWFs funds are positioned in terms of sectors and regions relative to the composition of the MSCI AC World index. With the caveat that these publicly available data represent only a portion of their public equity holdings, we find that SWFs are most overweight Financials and Consumer Discretionary, and most underweight Healthcare, Consumer Staples and Technology."
In the latest news out of the 1MDB saga, "Switzerland's chief prosecutor said on Friday a criminal investigation into state fund 1Malaysia Development Berhad (1MDB) had revealed that about $4 billion appeared to have been misappropriated from Malaysian state companies."
"The amount of the allegedly misappropriated funds amounted to approximately $ 4 billion, whose purpose is the subject of further study"...
$681 Million In Mystery Money Found In Malaysia PM's Bank Account Was "Personal Donation" From SaudisSubmitted by Tyler Durden on 01/26/2016 13:36 -0500
“The four-page statement didn’t address several issues that Malaysians have sought answers to, such as: Who specifically donated the money?; Why was it donated?; And what happened to the money that wasn’t returned?'...
The World Economic Forum in Davos is submerged by a tsunami of denials, and even non-denial denials, stating there won’t be a follow-up to the Crash of 2008. Yet there will be. And the stage is already set for it.
On The Trail Of Dubai's Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail EmergesSubmitted by Tyler Durden on 01/02/2016 16:23 -0500
The deeper we dig into the story of Dubai's vaporized gold, the more skeletons just tumble out of the closet on what may be the world's biggest gold smuggling ring ever, one involving not just Turkey and Iran, but the mother of all gold smuggling: China itself...
With more financing in place, the world’s tallest skyscraper is moving forward. Saud Arabia's Kingdom Tower in Jeddah is only the latest phase in an enormous boom that began setting new records in 2014, raising another 'skyscraper alert' as the completion of record-setting skyscrapers has long seemed to indicate the beginning of economic crises.
Bill Clinton Made $8 Million From Speeches To Companies With Matters Pending Before Hillary's State DeptSubmitted by Tyler Durden on 12/31/2015 15:11 -0500
As WSJ reports, "more than two dozen companies and groups and one foreign government paid former President Bill Clinton a total of more than $8 million to give speeches around the time they also had matters before Mrs. Clinton’s State Department."
Now that the gold-trading company at the nexus of what may have been the world's biggest gold smuggling ring in history has imploded seemingly overnight, vaporizing countless tons of physical gold and unknown amounts of client cash, even more questions remain.
Following the yellow brick road leads us deep, very deep inside the rabbit hole...
Following Friday's further freefall in crude oil prices, The Middle East is opening down notably. Abu Dhabi, Saudi, and Kuwait are lower; Israel is weak and UAE and Qatar are tumbling, but Dubai is worst for now. Dubai is down for the 6th day in a row (dropping over 3% - the most in a month) extending the opening losses to 2-year lows. The 11% drop in the last 6 days is the largest since the post-China-devaluation global stock collapse. Leading the losses are financial and property firms.
“This is [a] man-made crisis in our industry we have created,” al-Rhumy said. “And I think all we’re doing is irresponsible.”
The Oil Wars Heat Up: Russia, Iraq Steal Saudi Market Share While Oman Blasts OPEC As "Irresponsible"Submitted by Tyler Durden on 11/09/2015 14:30 -0500
The story behind Malaysia PM Najib Razak's Goldman-backed slush fund just got even stranger as it now appears some $2.3 billion in mystery money tied to an ill-fated investment with the Saudis ended up being managed by an Australian penny stock pusher via a shady Cayman Islands account.
"Najib has tarnished the country’s image in the world and caused investors to lose faith in the government. Malaysians do not believe in this prime minister."
Back in August, we brought you the story of 1MDB, the Malaysian development bank turned-Najib slush fund with deep ties to Goldman. About a month later, the FBI announced an investigation into the fund after Malaysia arrested a former official who was trying to fly to New York to urge US authorities to look into the whole debacle. Now, as WSJ reports, the FBI and DOJ are looking into Goldman's role.