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Sovereign Wealth Funds Briefing 11.Jan 2012

Posted on 11 January 2012 by VRS |  Email |Print

Jeong Young-sikKorea Investment Corporation (KIC), South Korea’s sovereign wealth fund, posted a negative rate of return last year due largely to losses from investing in stocks, sources said Wednesday.KIC, which manages a US$42.9 billion fund, reported an average yield of minus 3.3 percent in 2011. Its investment in bonds yielded a 3.95 percent return, but its return on equity investments was minus 10.2 percent.

“Last year, global stock markets lost ground overall and other investment situations worsened, leading to the poor investment performance,” an official at the government-owned company said…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

Lou JiweiThe head of China’s $410 billion sovereign wealth fund is the front-runner to become the country’s next finance minister, two independent sources said, a move in the country’s broad leadership reshuffle that will culminate in 2013.

Lou Jiwei, 61, currently chairman of China Investment Corp (CIC), is tipped to replace Xie Xuren as finance minister, the sources said. They requested anonymity to avoid political repercussions…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

China’s policymakers might just have the wiggle room they need to deliver the more flexible currency they say they want.
Zhou’s comments are some of the clearest yet about current policy thinking and came late on Sunday after China’s National Financial Work Conference, a once in five-year event that has previously reformed the central bank, created new regulators and set up the China Investment Corporation sovereign wealth fund…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

In preparation for the establishment of the Fund, Mongolian economists looked at the $40 billion Alaska Permanent Fund, Norway’s sovereign wealth fund worth $410 billion, and Chile’s use of its copper resources to help drive growth. They also considered Canada and Australia as models for distribution of mineral revenues to alleviate poverty and avoid the so-called Dutch Disease, a curse afflicting some resource-rich societies.
In 2008 Mongolia’s Parliament [Great Khural] passed a National Development Strategy and created a Human Development Fund (HD Fund) with the ambitious goal of bringing Mongolia’s human development status to the same level as that of the developed countries by 2020…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

Shortly after the issue of the minimum wage, government set up the Sovereign Wealth Fund, SWF, to save the surplus between the budget benchmark and the actual price of crude oil. The SWF, which effectively replaced the Excess Crude Account, took off with an initial $1billion seed fund.

President Goodluck Jonathan also inaugurated the Economic Management Team, EMT, co-ordinated by the finance minister and former World Bank director…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

The demand of state governors for removal of the subsidy to free funds for implementation of the new National Minimum Wage structure, and the controversy over the Sovereign Wealth Fund, added further impetus to the idea, mid-2011.
But, following the inconclusive signals that emanated from top government officials at the Town Hall Meeting on fuel subsidy, Nigerians had slept easy thinking the subsidy would not be removed earlier than April, if it would be, at all. And that is where the people got it wrong. Forgotten, it seems, was Nigerian governments’ penchant for releasing bombshells against the populace at festive occasions…………………………………….Full Article: Source

Posted on 11 January 2012 by VRS |  Email |Print

Chairman of the board of the Sovereign Wealth Fund Samruk-Kazyna JSC, head of the governmental commission on solution of Zhanaozen problems Umirzak Shukeyev met with the town businessmen, the Fund’s press service said.

The parties debated a special entrepreneurial development plan in Zhanaozen for 2012-2014, the press service said…………………………………….Full Article: Source

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