The increase in costs is primarily due to the substantial increase in the market value of the small capitalization portfolios, the management of which is billed on the basis of market value.

(d) In view of the size and diversification of the investment portfolio, the Investment Management Service should increase the number of investment managers or review the possibility of hiring additional discretionary investment advisers (AS2001 95 1 14)

Portfolio management

Investment Worth Graph

Investment Price Graph

Second, the Chinese production mix does not correspond to domestic demand, and investment in long products has outpaced demand growth.

Investment can sustainably drive growth only up to the point when returns decline dramatically. In the case of public sector investment, that means that the present value of the increment to the future GDP path (using a social discount rate) is greater than the investment itself.

The rapid rise of Chinese FDI, particularly in resource extraction, is noteworthy.

39. Of the three forms of private capital flow (loans, FDI and portfolio equity), FDI and portfolio equity investments are more relevant in the present context of African economies.

(b) In order to establish accountability, the Investment Management Service should either (i) ensure that the fixed income investment officer acts with greater independence in the management of the portfolio or (ii) consider outsourcing the fixed income portfolio while maintaining the investment officer to monitor the performance of the outsourced portfolio (AS2003 801 02 011)

On the last point, the classification of investment recipient countries should be based not only on the size of the investment received but also on other criteria such as the number of jobs generated by investments, the increase in value added production and increased exports.

Improvements in the business environment as well as increased investment outlays especially in the agri business sector also provided an impetus to growth in non metal exports.

UNESCO continued to advocate increasing investment in education.

It was clarified that the direct investments made by the foreign investors from their allocated profits included the equity investments made by the foreign investors from their allocated profits, such as capital increase, new construction, and share acquisition, but excluded the new shares, turning point increase shares, and acquisition of shares from the listed companies except the eligible strategic investments.

Comparison of cost value and market value of investments . 96

International financing institutions could increase overall resource commitments to water and sanitation, as well as reorient their portfolios, making use of dedicated financing initiatives for greater investment in rural and smaller settlements.

The growing trend towards South South investment flows would also lead to an increase in South South investment disputes.

The remainder of the balance, consisting of donor contributions, was tied up in short term investments, the majority of which were placed in an investment pool in order to increase liquidity.

Investment rate ( GDP)

The rise in social spending has encouraged public investment, which increased in 1997 to a level equivalent to 4 per cent of gross domestic product (GDP), which in turn had a positive multiplier effect on other economic activities and on total employment.

As noted in the aforementioned document, the necessity for the revised appropriation was linked to growth in the market value of the small capitalization portfolio, which had led to a corresponding increase in management fees.

(d) Alternative investments offer the opportunity for an enhanced risk return profile for a pension investment portfolio.

There are encouraging signs of growing investor interest in African securities portfolios.

To the extent that an IPA adds value to the start up process, by speeding the general paperwork, investors are frequently receptive to paying for the facilitation service.

Historically, the increase of the Fund's value and the speed of the evolution of the market environment have outpaced the build up of investment and operational capability in the Investment Management Service.

Assuming an annual average rate of five per cent growth in GDP, this goal represents a 22 per cent annual growth rate for IDE investment.

Or the deposits can be investments in D.E. Shaw s funds and the loans can be the complex derivatives that make up D.E. Shaw s portfolio.

Figure 18 Cost of management of the Fund's portfolio by the Investment Management Service

The share of GDP devoted to investment was 19.6 per cent in 2004.

The notional pension capital accrues an interest like in the case of the funded pension scheme however, in contrast to the funded pension scheme where the growth of the capital depends on the return on the investment, the growth of the first tier capital depends on the wage growth in the country.

The proportion of investments in North American currencies was increased to 54 per cent from 48 per cent, in European currencies it was increased to 33 per cent from 30 per cent, and investments in Asian currencies were decreased sharply to 11 per cent from 20 per cent.

Capacity building and financing programs for governments that want to improve their trade facilitation are available already. Major donor countries and international development organizations have put a priority on, and increased investment in, trade facilitation. According to the OECD, from 2002 to 2010, trade facilitation related assistance increased ten fold in real terms, from almost 40 million to nearly 400 million.

(2)The official written documents on risk management or investment strategies of the enterprise concerned have recorded that the combination of said financial assets, the combination of said financial liabilities, or the combination of said financial assets and financial liabilities will be managed and evaluated on the basis of their fair values and be reported to the key management personnel.

(b) Regional investment programme for ECO member countries.

(d) Assessment of the efficiency of investment selection and trading by tracking the timeliness of the portfolio manager apos s decisions through measurement of the quot implementation shortfall quot or slippage between decision value and realized value

This indicates that data on the growth rate of fixed asset investment may have exaggerated the pace of capital stock accumulation. Hence, while the Chinese government should be firm on reducing the dependence of growth on investment, it must exercise utmost care when doing so.

Why is this market worth getting at over here?

Investment rate as GDP

Under investment cost, the Secretary Chief Executive Officer explained that the additional resources requested were directly linked to the recommendations made in the report of Deloitte and Touche on the investment process, operations and organization of the Investment Management Service.

Fixed asset investment is the most important engine of China s growth. As a developing country with annual per capita income of less than 5,000, there is still significant room for China to increase its capital stock.

Domestic investment projects in East Timor which were approved by the Government in 1996 comprise 12 projects with a total investment value of Rp. 270,715 billion or about US 142 million.

We are increasing national investments and introducing structural changes with value added, while our market is based on competition.

Government investment in infrastructure, both alone and in partnership with private firms, will also directly benefit growth and attract larger inflows of foreign investment.

The investment officer will conduct research to recommend appropriate alternative asset classes for the Fund, plan appropriate investment deployment, initiate and lead the selection of external alternative managers, and monitor and evaluate those managers in order to ensure that the alternative investments add value to the Fund's overall investments in terms of both return enhancement and diversification.

The proposed investment plan for 2005 2007, which is currently under preparation, will provide for a growth of the total UNCDF investment portfolio from 125 million in 2005 to more than 200 million in 2007 and an increase in total LDC coverage from 28 LDCs in 2005 to 35 in 2007.