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Sovereign Wealth Funds Briefing 28.Mar 2014

Posted on 28 March 2014 by VRS |  Email |Print

Minister of Finance and the Economy Larry Howai (left) presents Dr Ralph Henry (right), newly appointed Chairman of the Heritage and Stabilization Fund with his instrument of appointment. Dr Ralph Henry has been appointed as the new Chairman of the Heritage and Stabilization Fund (Trinidad and Tobago’s sovereign wealth fund), a release from the Ministry of Finance and the Economy said.
Henry “has served as a lecturer at the University of the West Indies and as a consultant to a number of regional and international organizations which include the Inter-American Development Bank, the Caribbean Development Bank, the World Bank and the CARICOM secretariat to name a few. Dr Henry was also appointed the first Chairman of the Telecommunications Authority of Trinidad & Tobago.”…………………………………..Full Article: Source

Posted on 28 March 2014 by VRS |  Email |Print

The introduction of the Sovereign Wealth Fund (SWF) by the Zimbabwe government could not have been more timeous, according to experts, as it will be used for much-needed infrastructure development. This also comes amid investor dissatisfaction in the Zimbabwean mining industry, owing to the country’s Indigenisation and Economic Empowerment Act and mining royalties policies.
In his speech at the Zimbabwe Chamber of Mines’ (CoM’s) seventy-fourth annual general meeting in May last year, CoM president John Chikombero said the operating environment for the mining industry in 2012 was, to a large extent, similar to that of 2011: the country’s mining industry remains a primary contributor to Zimbabwe’s gross domestic product and was expected to provide impetus for economic growth……………………………………Full Article: Source

Posted on 28 March 2014 by VRS |  Email |Print

The National Economic Council (NEC) Thursday requested the federal government to give the details of the spending on Excess Crude Account (ECA) to the states. Governor Godswill Akpabio of Akwa Ibom State made this known after the NEC meeting presided over by the Vice-President Namadi Sambo in Abuja.
NEC, which is the highest economic decision-making body statutorily presided over by the vice-president with all state governors,had not been held in the last six months. Other members of the council include the Minister of the Federal Capital Territory (FCT), Attorney-General of the Federation and some ministers……………………………………Full Article: Source

Posted on 28 March 2014 by VRS |  Email |Print

Russia will support banks and businesses with large external debts in the event of a financial crisis by dipping into an $88 billion emergency sovereign wealth fund, Finance Minister Anton Siluanov told the Prime news agency Thursday.
“The National Wealth Fund is an emergency resource that can be used in the case of a crisis to help banks and big companies that have large obligations to external creditors,” Siluanov said at the Moscow stock exchange, adding that he so far saw no grounds for such a move……………………………………Full Article: Source

Posted on 28 March 2014 by VRS |  Email |Print

Russian Direct Investment Fund , the Kremlin-backed investment fund, is teaming up with Middle Eastern and Chinese investors to acquire a stake in Sodrugestvo Group SA, an oilseed processor and trader in Russia.
Although a news release didn’t provide the names of the Middle Eastern and Chinese investors, the fund has teamed up with Abu Dhabi’s Mubadala Development and China’s sovereign wealth fund China Investment Corp . in recent years………………………………………Full Article: Source

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