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Venezuela Brings Cash Reserves and Gold Back Home

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Venezuela is fortunate enough to be the largest oil producer in Latin America being courted by several economic powers such as China, Russia, and Brazil.  The country is highly dependent on oil revenues and the price of oil. Nearly 95% of export earnings stem from oil revenues. With the excess petroleum wealth, the country had the ability to take on a myriad of socialist policies, increase military expenditures, and fund infrastructure projects. Venezuelan President Hugo Chavez has transformed the country in a matter of a decade to nearly a centrally planned economy. In fact, numerous foreign companies, especially in the oil sector were forced to be nationalized. Venezuelan President Hugo Chavez also made a statement to nationalize the gold industry in his country.

Recently, the South American nation approved plans to shift money and gold held abroad back to Banco Central de Venezuela. Sources believe $6.3 billion in cash reserves and at least 211 tons of gold are held internationally and are being moved.

What is the reason for the shifting of money and gold?[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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