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Sovereign Wealth Funds Briefing 08.Jan 2013

Posted on 08 January 2013 by VRS |  Email |Print

The Government of Zimbabwe says the Sovereign Wealth Fund (SWF) has grown to a financial capacity of over $4 billion. The fund is expected to be used to ensure that the majority can effectively participate in the mainstream economy.
It was created after foreign owned mining companies ceded shareholding to the indigenous people under the 51-49% ratio as stipulated by the Indigenisation and Economic Empowerment Act 2007………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

Azerbaijani President Ilham Aliyev approved the main directions (program) of the State Oil Fund of Azerbaijan (SOFAZ) for 2013. SOFAZ investment program 2013 composes the following areas of expenditure:
financing of activities related to social welfare issues and accommodation of refugees and IDPs; transfer to the state budget; financing for the project of reconstruction of the Samur-Absheron irrigation system; funding for the project of new railway Baku-Tbilisi-Kars; financing of the State Program on education of Azerbaijan youth abroad in 2007-15;……………………………………….Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

Estimated costs for managing the State Oil Fund of Azerbaijan (SOFAZ) have been approved by President Ilham Aliyev.
Under the relevant order, SOFAZ administrative costs are limited to AZN 86.3 million. Their basis will include purchase of non-financial assets for AZN 62.177 million, including buildings and structures for AZN 60 million. Bank expenditures will amount to AZN 6.238 million, labour payment AZN 3.887 million, capital repair of administrative and managerial assets AZN 2.4 million………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

The budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2013 was approved with a phenomenal deficit of AZN 1.9 bn. Under the relevant presidential order, SOFAZ budget was endorsed with income of AZN 11.48 bn and expenditures of AZN 13.4 bn.
Fund’s net proceeds from the sale of hydrocarbons attributable to the share of Azerbaijan (excluding the cost of transportation of hydrocarbons, the cost of banking, customs clearance, independent survey, marketing, insurance, and except for the income attributable to investments or equity stake of SOCAR) amount to AZN 11.17 bn………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

China’s sovereign wealth fund is considering buying a four to 10 per cent stake in German auto maker Daimler, the website of the official People’s Daily newspaper said at the weekend.
The potential purchase comes as China Investment Corp. (CIC), which had more than $480-billion from the wealth fund under management at the end of 2011, seeks bargains in Europe’s weak economy, said the website, quoting unnamed sources………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

Daimler AG (DAI) rose to a nine-month high after state-run Chinese newspaper People’s Daily reported the country’s sovereign-wealth fund may buy a stake in the world’s third-biggest maker of luxury cars.
China Investment Corp. may acquire a holding of 4 percent to 10 percent in Stuttgart, Germany-based Daimler, the People’s Daily said on its website today, citing an unidentified Internet posting. The story wasn’t carried in the newspaper’s print edition. Daimler Chief Executive Officer Dieter Zetsche has said repeatedly that he’s looking for a new long-term shareholder and would welcome an investor from China………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

China Investment Corp. isn’t in discussions to buy a stake in German auto maker Daimler AG, according to people with direct knowledge of the matter. Citing weekend Chinese media reports, China’s People’s Daily Online website said on Monday that the Chinese sovereign wealth fund was about to buy a 4% to 10% stake in Daimler. Daimler shares were up 1.9% on Monday morning in Frankfurt.
One of the people with knowledge of the matter said CIC “isn’t in talks” to buy a Daimler stake………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

Hong Kong’s official foreign currency reserve assets amounted to 317.3 billion U.S. dollars at the end of December last year, up 12.1 billion dollars from November, the city’s Monetary Authority announced Monday.
Including unsettled forward contracts, foreign currency reserve assets at the end of December stood at 317.3 billion dollars, compared with 306.8 billion dollars at the end of November………………………………………..Full Article: Source

Posted on 08 January 2013 by VRS |  Email |Print

Israel’s foreign exchange reserves stood at $75.866 billion at the end of December 2012, up slightly by $991 million from $74.875 billion at the end of 2011. The Bank of Israel also reported that the foreign exchange reserves rose $194 million in December 2012 from their level at the end of November. The reserves had fallen slightly in the previous two months.
The rise in December was due to a revaluation that increased the reserves by $338 million, and an increase of $67 million derived from private sector transactions. This was offset by government transfers abroad of $211 million………………………………………..Full Article: Source

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