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Sovereign Wealth Funds Briefing 03.Jun 2011

Posted on 03 June 2011 by VRS |  Email |Print

Zimbabwe government is in the process of setting up a Sovereign Wealth Fund (SWF) in line with global trends to ensure that future generations benefit from mineral resources being mined today, a cabinet Minister said on Wednesday.
A sovereign wealth fund is a state owned investment fund composed of revenue generated from exports of natural resources, Zimbabwean news agency, New Ziana reported………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

Société Générale structured a $1 billion (€690 million) bet on its own shares for Libya’s sovereign wealth fund after the Jérôme Kerviel fraud. Documents seen by the Financial Times show the transaction – the Libyan Investment Authority’s biggest investment in five years – had lost 71 per cent of its value by mid-2010.
The authority entered into the transaction in early March 2008, barely a month after Mr Kerviel’s €50 billion of rogue trades left the bank with losses of €5 billion………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

The Libyan Investment Authority, a sovereign wealth fund worth tens of billions of dollars into which the Gaddafi Administration poured the money it made from oil sales, handed over US$1.3 billion ($1.58 billion) to the bank in 2008 with a mandate to invest in foreign currency markets and other structured products.
The deal was struck months before the onset of the financial crisis, and sources close to the bank yesterday claimed that the LIA had initially been uninterested when Goldman told it that the investment had lost several hundreds of millions of dollars………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

Société Générale subsidiary Lyxor Asset Management has appointed Herman Chen as head of exchange-traded fund (ETF) distribution for Asia-Pacific. Chen will be based in Hong Kong and promote the Lyxor brand to institutional investors, with a focus on sovereign wealth funds.
He joins from BlackRock, where he was in charge of promoting the iShares product to Chinese institutional clients………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

SRA’s (Strategic Research Center) Expert Group on the issues of Economy globalization and analysis under the President of Azerbaijan has prepared a report ” Socio-economic development of Azerbaijan in 2003-11″. Fiscal sector consists of two parts – state budget and State Oil Fund (SOFAZ).
SRA reports that the report analyses socio-economic reforms and positive results for economy. The report consists of 6 parts: real, fiscal, monetary sectors, payment balance, the government’s anti-crisis measures and social unit………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

Strategic monetary reserves in the first quarter of 2011 reached $34.2 billion, with $25.797.9 billion accounting for assets of the State Oil Fund of the country, and $6.718 billion - Central Bank reserves.
In the first quarter 2011 the average monthly wage in the country amounted to 340 manat or $430………………………………………..Full Article: Source

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Posted on 03 June 2011 by VRS |  Email |Print

Brazil’s foreign-currency reserves increased $4.95 billion in May compared with the previous month on continued dollar purchases in the foreign-exchange market by the monetary authority, according to figures published on the central bank’s website on Thursday.
Foreign reserves totaled $333 billion as of May 31, up from $328.06 billion at the end of April. In the first five months of the year, reserves grew by $44.5 billion………………………………………..Full Article: Source

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